Wang Jianlin: HR of a company has a private room near Wanda’s headquarters and comes to “poach people” every day

Wang Jianlin announced Wanda’s new strategy, saying it will focus on serving consumers and focusing on its main advantageous businesses. At the same time, it means that we want to do business with high threshold. Over the years, Wanda has been innovating, being imitated, and poaching people. This is true in all industries. On rare occasions, the head of the human resources department of a large company reserved a room at the Mandarin Hotel next to Wanda's headquarters for a long time and talked to our managers all day long.

The following is the full text:

First, focus on service consumption. China's economy is undergoing two profound changes. First, domestic demand has become the driving force for economic development. The second is to shift from mainly commodity consumption to service consumption. It is expected that in about 10 years, service consumption will exceed commodity consumption. This change is both a shock and a business opportunity. The characteristic of service consumption is that the value of experience is greater than the price, which is a correction for the current Chinese commodity consumption that values ??price rather than value. At the same time, service consumption is more beneficial to brand building and craftsmanship. From now on, Wanda will firmly grasp the service consumption and experience consumption industries and make these industries bigger and stronger.

The second is to focus on advantageous industries. Another focus of Wanda's transformation strategy adjustment is to sort out existing industries and focus on industries where we have competitive advantages internationally and domestically, or where we can identify and quickly form competitive advantages. Other industries that have no competitive advantages now and will find it difficult to achieve competitive advantages in the future must be phased out in an orderly manner. In short, Wanda has to lose weight and be willing to give in. This is the logic why Wanda is still disposing of some assets. This kind of strategic adjustment will definitely be uncomfortable and even painful, but Wanda must "stay firm on the green hills and not let go, regardless of the winds of east, west, north, south."

Third, we need to do business with high threshold. Over the years, Wanda has been innovating, being imitated, and poaching people. This is true in all industries. On rare occasions, the head of the human resources department of a large company reserved a room at the Mandarin Hotel next to Wanda's headquarters for a long time and talked to our managers all day long. This phenomenon reminds us that if Wanda wants to prevent being simply imitated and constantly poaching people, it must make competition more difficult and enter industries with high thresholds, such as technology, creativity, talent, resources, etc., which all require high requirements for our future development. direction of industry. In recent years, there have been fewer imitators in Wanda's newly entered children's industry, sports events, international hospitals and other industries.

Fourth, it is mainly asset-light. Wanda emphasizes focusing on light assets, rather than completely abandoning heavy assets. Instead, it focuses on focusing on assets while reducing overall interest-bearing liabilities. After this year, at least 70% of newly opened Wanda Plazas will be asset-light, and in principle all newly-opened hotels will be asset-light. However, in order to ensure that the real estate group opens 50 plazas every year, it still strives to launch 10-15 heavy asset projects every year.

Fifth, continue to reduce corporate debt. Based on 2018, we should strive to reduce interest-bearing liabilities by another 8-10% in 2019. By the end of 2020, Wanda Group’s interest-bearing liabilities will be reduced to an absolutely safe level. In fact, Wanda Group's debt level is relatively low among China's large private enterprises and even large enterprises. However, since it has adopted a strategy of asset-light and low-debt development, it cannot waver.